Etihad Airways prices add-on; SP Power, Pakistan on deck; thin trading in Middle East

By Aleesia Forni

Virginia Beach, Sept. 17 – Abu Dhabi’s Etihad Airways PJSC and Snow Bird (Hong Kong) Holding Co. Ltd. priced bonds on Thursday as the Federal Reserve announced that it would hold interest rates steady in September and emerging markets bonds rebounded from weakness earlier during the week.

In forward calendar news, SP Power Assets Ltd. announced plans to begin a series of investor meetings ahead of a possible capital markets transaction, and Pakistan mandated bookrunners for a proposed dollar deal.

In other news from that region, trading was thin in Middle Eastern bonds on Thursday.

A source noted buying in Saudi Electricity Co.’s 4.211% bonds due 2022 and 4% bonds due 2024.

“[Perpetuals] remain a real mixed bag,” the source said, adding that perpetual bonds from Emirates NBD were seeing a sell-off during the session, with the 5¾% bonds around 110 basis points wider on the bond.

National Bank of Abu Dhabi’s perpetual bonds are mostly unchanged on the month.

In other news, details of Republic of Latvia’s €500 million offering of 1 3/8% 10-year notes (A3/A-) emerged on Thursday.

The notes sold at 99.316, or mid-swaps plus 35 bps, on Wednesday, according to a market source.

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